C&W Negotiates Sale of Suburban Office Park
- Jul 17, 2017
Cushman & Wakefield has brokered the sale of Heathrow International Business Center, a six-building, Class A office campus in suburban Orlando, Fla. An affiliate of Starwood Global Opportunity Fund XI acquired the properties from DRA Advisors, Yardi Matrix shows.
Located at 300, 400, 801 and 901 International Parkway, 1001 Heathrow Park Lane and 1000 Business Center Drive sit on a 370-acre site in Lake Mary, Fla.. The office park encompasses 795,950 square feet. Completed between 1989 and 2001, Heathrow International Business Center was 91 percent leased at the time of the sale. Notable tenants include Deloitte, Veritas Technologies and Superion.
Active office market
Vice Chairman Mike Davis, Executive Directors Michael Lerner and Rick Brugge of C&W’s Capital Markets team worked on behalf of the seller in the disposition. Heathrow International Business Center is the third in a series of office parks to change hands in Lake Mary, Fla., in less than one year. Davis, Lerner and Brugge negotiated the sale of Colonial Center at TownPark in May 2017 and Primera Towers in November 2016.
“The strong location and high-quality tenancy will continue to enable Heathrow International Business Center to attract users seeking first-rate, well-located and well-priced suburban office space,” said Davis, in a prepared statement. “This transaction enabled Starwood Capital Group to acquire immediate critical mass in one of Orlando’s top submarkets,” added Lerner.
The campus is adjacent to various amenities, including executive housing, luxury apartment communities, Heathrow Country Club, a Marriott Hotel, as well as retail, banking and a 9-acre park featuring bike and running trails. Centrally positioned in Orlando’s Lake Mary/Heathrow office market, the property provides access to Interstate 4 and State Road 417 (Central Florida GreeneWay) just north of Orlando.
Images courtesy of Yardi Matrix